In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 1% to 7,061.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Block Inc (ASX: SQ2)
The Block share price is down 4% to $145.13. Block and a range of tech shares are in the red toady after the US tech sector pulled back on rate hike concerns. This was sparked by news that inflation in the United States has hit its highest level in 40 years. The S&P ASX All Technology index is down 3.3% at the time of writing.
Breville Group Ltd (ASX: BRG)
The Breville price is down 2.5% to $26.29. This morning the appliance manufacturer announced the acquisition of Italian premium prosumer home coffee equipment manufacturer Lelit for 113 million euros in cash and shares. However, as no details were provided in respect to Lelit's sales or earnings, it is unclear if Breville is getting a good deal.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 4% to $13.27. This may be due to weakness in the tech sector and concerns that data centre operator Digital Realty is launching a competing platform within its centres. However, the team at Citi is not concerned by the latter. This morning the broker retained its buy rating and $20.20 price target. It doesn't expect this launch to lead to material customer churn.
Webjet Limited (ASX: WEB)
The Webjet share price is down 3% to $5.46. This follows broad market weakness which is being felt hard in the travel sector today. So much so, the sector has reversed some of the strong gains made over the last couple of days after oil prices pulled back. Traders may be taking a bit of profit off the table.
